Credit union-owned blockchain outfit CULedger has picked R3's Corda platform as the basis of its upcoming cross-border payments product.
CULedger, which joined the R3 ecosystem last year, is tapping the relationship for its electronic funds transfer product, CU Pay, which is designed to facilitate connectivity between multiple payment networks.
When it launches early next year, CU Pay will be integrated with Corda Settler, an open source CorDapp designed to settle Corda transactions with any of the worlds payment systems, both traditional and blockchain-based.
This will allow credit unions using CULedgers network to choose from a variety of near-instant, secure and affordable domestic and cross-border payment options, say the partners.
John Ainsworth, CEO, CULedger, says: "By integrating R3s Corda Settler, we are certain that our vision of financial cooperatives operating across a shared network will be realised, and that members will stand to benefit from the transparency, security and efficiency it provides."
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